Even with a changing economy and new business models, small businesses can provide significant benefits to their employees, including business health insurance. Business owners need to shop around to ensure they get the best coverage for themselves and their employees at the best price points. Don Hoffer Insurance has a wide selection of great companies to choose various insurance products and plans from. We can customize a unique program to fit your company’s needs.
Hiring and Retention Benefits of Offering Business Health Coverage
If your small business is counting costs, it may seem counter-intuitive, but offering benefits such as health insurance can save you money in the long run.
- Recruiting – With the number of jobs opening up as the economy improves, competition for quality employees becomes more apparent. Recruiting new hires becomes easier when a good health insurance program is offered to employees.
- Retention – It can cost the value of 18 months’ salary to replace an employee who leaves. The average duration of a Millennial employee’s position before being lured to another company is about 18 months, so rehiring every 18 months is not cost-effective. It’s much less expensive to take care of your employees than to allow higher turnover due to inadequate benefits offered.
Tax Benefits of Offering Business Health Coverage
There are more direct financial benefits of providing group health insurance for your employees.
- Investment – Whatever the company contributes toward employee health insurance premiums (typically 50%) is often tax-deductible or qualifies you for other small business tax credits.
- Additional employee tax benefit – Employee premiums are taken pre-tax, giving them an additional tax incentive as a benefit.
Don Hoffer Insurance can make sure every small business owner’s unique health coverage needs can be filled. When you schedule an appointment with one of our professional agents, they will help create a combination of insurance products and policies that address your company’s insurance goals and budget. Call for your consultation today.